Ether Crosses $1.6K, Bitcoin SV Leads Altcoin Gains With 30% Bump

Overall market capitalization rose 5% in the past 24 hours.

AccessTimeIconOct 20, 2023 at 11:14 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Major cryptocurrencies spiked as much as 13% as a bump in bitcoin (BTC) led to an overall rise in crypto markets, buoyed by hopes of a spot bitcoin exchange-traded fund (ETF) approval.

All major tokens reversed losses from the past week, bitcoin jumped above $30,000, and ether (ETH) crossed the $1,600 mark on Friday. XRP gained 7.2% after a key court decision favoring payments firm Ripple helped improve sentiment. Meanwhile, Solana’s SOL rose 12%, extending its weekly gains to over 25%.

Bitcoin SV (BSV), a bitcoin fork token, rose 32% as crypto exchange Binance listed perpetual futures of BSV at a 50 times leverage, which may have attracted trader interest.

Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval.

“Betting on a sustained decline on BTC here is like going against gravity,” said Jack Tan, founder of crypto exchange WOO Network, in a note to CoinDesk. “For sure the ETF anticipation will provide a strong demand, but also if people start viewing BTC as a rush to safety trade, this will usher in a new paradigm.”

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about